Planet Fitness Inc (PLNT) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 Planet Fitness earnings call. (Operator Instructions)

謝謝你的支持。我叫凱拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加第三季 Planet Fitness 財報電話會議。（操作員說明）

I would now like to turn the call over to Stacey Caravella, Vice President of Investor Relations. You may begin.

我現在想將電話轉給投資者關係副總裁史黛西·卡拉維拉 (Stacey Caravella)。你可以開始了。

Thank you, operator, and good morning, everyone. Speaking on today's call will be Planet Fitness' Chief Executive Officer, Colleen Keating; and Chief Financial Officer, Tom Fitzgerald. Also joining us is Jay Stasz, our newly appointed CFO effective on November 15. They will all be available for questions during the Q&A session following the prepared remarks.

謝謝接線員，大家早安。Planet Fitness 執行長 Colleen Keating 將在今天的電話會議上發言。和首席財務官湯姆·菲茨杰拉德。加入我們的還有 Jay Stasz，我們新任命的財務官，將於 11 月 15 日生效。在準備好發言後的問答環節中，他們都可以回答問題。

Today's call is being webcast live and recorded for replay. Before I turn the call over to Colleen, I'd like to remind everyone that the language on forward-looking statements included in our earnings release also applies to our comments made during the call. Our release can be found on our Investor website along with any reconciliation of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures.

今天的電話會議正在進行網路直播並進行錄音以供重播。在我將電話轉給科琳之前，我想提醒大家，我們的收益發布中包含的前瞻性陳述的語言也適用於我們在電話會議中發表的評論。我們的新聞稿可以在我們的投資者網站上找到，以及電話會議中提到的非公認會計原則財務指標與其相應的公認會計原則指標的對帳。

Now I will turn the call over to Colleen.

現在我將把電話轉給科琳。

Thank you, Stacey, and thank you, everyone, for joining us for the Planet Fitness Q3 earnings call. I'm thrilled to be here speaking with you this morning to talk about our quarterly results and the strength of our business.

謝謝史黛西，也謝謝大家參加我們的 Planet Fitness 第三季財報電話會議。我很高興今天早上能在這裡與大家談論我們的季度業績和我們的業務實力。

During the third quarter, we grew same-club sales by 4.3%, delivered 5.3% revenue growth and increased adjusted EBITDA by 10%. We ended the quarter with approximately 19.6 million members.

第三季度，我們的同俱樂部銷售額成長了 4.3%，營收成長了 5.3%，調整後 EBITDA 成長了 10%。本季結束時，我們約有 1,960 萬會員。

I'm proud of our performance and of the important work our team has done to execute on our near-term focus areas while laying the foundation for our longer-term ambitions. We also announced last week that we appointed Jay Stasz, as Chief Financial Officer effective November 15.

我為我們的表現以及我們的團隊在近期重點領域所做的重要工作感到自豪，同時為我們的長期目標奠定了基礎。我們上週也宣布任命 Jay Stasz 為財務官，自 11 月 15 日起生效。

Jay joined us on Monday and is working with Tom to ensure a smooth transition. Tom will be staying with us through the end of December and will remain as a consultant until the end of the first quarter. Jay brings more than 25 years of experience developing high-performing collaborative finance teams and supporting meaningful growth and value creation.

Jay 週一加入我們，並與 Tom 合作以確保順利過渡。湯姆將在我們這裡工作到 12 月底，並將擔任顧問直到第一季末。Jay 擁有超過 25 年的開發高績效協作財務團隊以及支援有意義的成長和價值創造的經驗。

I'm eager to work closely with Jay to support our team members and franchisees as we provide high-quality and accessible fitness experiences for our members and to ultimately increase value for shareholders. Before I address our Q3 performance, I'd like to give Jay a chance to introduce himself. Jay?

我渴望與 Jay 密切合作，為我們的團隊成員和加盟商提供支持，為我們的會員提供高品質且易於使用的健身體驗，並最終為股東增加價值。在談論我們第三季的表現之前，我想給傑伊一個自我介紹的機會。傑伊？

Thanks, Colleen. I'm very excited to be a part of the Planet Fitness team. It's a strong brand with a clear mission and value proposition for its members as well as a compelling business model.

謝謝，科琳。我很高興能成為 Planet Fitness 團隊的一員。這是一個強大的品牌，為其成員提供明確的使命和價值主張，以及引人注目的商業模式。

I look forward to leveraging my skills and experience to support the company and its franchisees as it enters a new phase of growth. I'm also eager to partner with all our stakeholders, including our investors and analyst community.

我期待利用我的技能和經驗來支持公司及其加盟商進入新的成長階段。我也渴望與我們所有的利害關係人合作，包括我們的投資者和分析師社群。

Now back to Colleen.

現在回到科琳。

Thanks, Jay. I wanted to step back and share a few of my thoughts and observations from my first few months as CEO.

謝謝，傑伊。我想退後一步，分享我擔任執行長頭幾個月的一些想法和觀察。

During the quarter, we held our franchisee conference. It was my first opportunity to address our franchise system in person and share my strategic imperatives with them to align our goals as they assess their capital deployment plans for 2025 and beyond.

本季度，我們召開了加盟商會議。這是我第一次有機會親自討論我們的特許經營系統，並與他們分享我的戰略要務，以便在他們評估 2025 年及以後的資本部署計劃時調整我們的目標。

In my first 100 days, I visited more than 50 Planet Fitness clubs putting into action one of my core principles of feet on the street. I heard from our franchisees, managers and team members and gathered my own observations about how our members are experiencing our clubs.

在我的前 100 天裡，我參觀了 50 多家 Planet Fitness 俱樂部，將我在街上行走的核心原則之一付諸實踐。我聽取了我們的加盟商、經理和團隊成員的意見，並收集了我自己對我們的會員如何體驗我們的俱樂部的觀察。

I've seen a lot of gyms in my day, and when you're in one of our clubs, you know you're in a Planet Fitness. They're bright, clean and energizing with a friendly welcoming and approachable feel. Yet, what really excites me is that we have an opportunity to build on our quality and modernize our experience to ensure our equipment, layout and floor plan consistently deliver for our members today and keep us relevant for tomorrow. Early consumer data and testing validates this opportunity.

我一生中去過很多健身房，當您進入我們的其中一個俱樂部時，您就知道您身處 Planet Fitness。它們明亮、乾淨、充滿活力，給人一種友善、熱情、平易近人的感覺。然而，真正讓我興奮的是，我們有機會提高我們的品質並使我們的經驗現代化，以確保我們的設備、佈局和平面圖始終為我們的會員提供今天的服務，並使我們與明天保持聯繫。早期的消費者數據和測試驗證了這個機會。

Another thing that continues to stand out to me is that our members made the important decision to join a Planet Fitness Club, which is very different than a store that has transactions with customers. This is where our members feel a sense of belonging and support, which is why we're putting renewed emphasis on the club and our members.

另一件讓我印象深刻的事情是，我們的會員做出了加入 Planet Fitness Club 的重要決定，這與與顧客交易的商店有很大不同。這是我們的會員感受到歸屬感和支持感的地方，這就是為什麼我們重新重視俱樂部和我們的會員。

And importantly, we are all committed to delivering a high-value member experience including our corporate team. This renewed focus informed a few changes we've implemented to communicate our culture of shared accountability, renaming our corporate headquarters to the Club Support Center, transitioning our corporate e-mail addresses and using clubs instead of stores when referring to a Planet Fitness location.

重要的是，我們都致力於提供高價值的會員體驗，包括我們的企業團隊。這項新的重點體現了我們為傳達我們的共同責任文化而實施的一些改變，將我們的公司總部重命名為俱樂部支援中心，轉換我們的公司電子郵件地址，並在提及Planet Fitness 地點時使用俱樂部而不是商店。

A notable milestone during the quarter is that we raised the price of our Classic card membership for all new members to $15. Adjusted for inflation, the $10 price in 1998 when we introduced it, would be about $20 today. In other words, the $15 classic card price is an even better value than $10 was when it was established more than 25 years ago.

本季的一個顯著里程碑是我們將所有新會員的經典卡會員價格提高到 15 美元。考慮到通貨膨脹因素，1998 年我們推出該價格時 10 美元的價格，現在約為 20 美元。換句話說，15 美元的經典卡價格比 25 年前推出時的 10 美元更划算。

We felt it was prudent to implement the price increase ahead of Q3 to leave time for the market to absorb it before Q1, which has historically been our highest quarter for member growth. We believe the long-term benefits from the new price will outweigh any near-term softness in net member growth.

我們認為在第三季之前實施價格上漲是謹慎的做法，以便為市場在第一季之前消化它留出時間，第一季歷來是我們會員成長最高的季度。我們認為，新價格帶來的長期利益將超過近期淨會員成長的疲軟。

Based on what we saw during our test, we expect that existing clubs will see a low to mid-single-digit percentage increase to their top line after approximately one year of the price increase being in place. Our price increase applies to new joins only and Classic card members who joined prior to the increase maintain the legacy $10 pricing, which could have favorability on our churn rate.

根據我們在測試中看到的情況，我們預計現有俱樂部在價格上漲大約一年後，其收入將出現低至中個位數的百分比增長。我們的漲價僅適用於新加入的會員，提價先前加入的經典卡會員將維持 10 美元的舊定價，這可能會對我們的流失率產生有利影響。

At the same time, we believe the price increase will have an even greater impact for new clubs as most of their Classic card members will be paying $15 per month. Tom will address the impact of the increase on Q3 later in his remarks.

同時，我們相信價格上漲將對新俱樂部產生更大的影響，因為他們的大多數 Classic 卡會員每月將支付 15 美元。湯姆稍後將在演講中討論第三季成長的影響。

Additionally, we wrapped up our annual High School Summer Pass program during Q3, nearly 3 million high school students participated, collectively logging more than 12 million workouts. We've invested more than $300 million in waived membership dues to promote youth health and wellness during the four years that we've run the program.

此外，我們在第三季結束了年度高中暑期通行證計劃，有近 300 萬名高中生參與，總共記錄了超過 1,200 萬次鍛鍊。在運行該計劃的四年裡，我們已投資超過 3 億美元免除會員費，以促進青少年的健康和福祉。

We're incredibly proud to have had a meaningful impact on the lives of millions of teens as we introduce them to positive health and fitness habits and build brand loyalty with this important generation. Let me now turn to a recap of our four strategic imperatives that will guide us during our next phase of growth.

我們非常自豪能夠對數百萬青少年的生活產生有意義的影響，因為我們向他們介紹了積極的健康和健身習慣，並與這一重要的一代建立了品牌忠誠度。現在讓我回顧我們的四項策略要務，這些策略要務將引導我們下一階段的成長。

We're making several important pivots to evolve our brand to focus on what matters most to our members and to ensure that we maintain our industry leadership. First is to redefine our brand strategy and pull it through our marketing.

我們正在採取幾個重要的舉措來發展我們的品牌，專注於對我們的會員最重要的事情，並確保我們保持行業領先地位。首先是重新定義我們的品牌策略並透過我們的行銷來推動它。

Second is enhancing our member experience. Third is refining our product and optimizing our format. And fourth is accelerating new club growth. I'll start with redefining our brand strategy.

其次是提升我們的會員體驗。三是做精產品、優化業態。第四是加速新俱樂部的成長。我將從重新定義我們的品牌策略開始。

We're evolving our strategy to go beyond getting people off the couch. We're broadening our audience to include current and previous members, nonmembers and competitive members. We continue to see a significant percentage of our joins who are former Planet Fitness members.

我們正在改進我們的策略，以超越讓人們離開沙發的範圍。我們正在擴大我們的受眾範圍，以包括現任和前任會員、非會員和競爭性會員。我們仍然看到很大比例的加入者是前 Planet Fitness 會員。

So we want to convey that we welcome beginners and returning gym goers. In a recent consumer survey that we conducted, including both members and nonmembers, there was a proportion of respondents who did not see Planet Fitness as a place where they can progress or advance on their fitness journey presenting a clear area of opportunity for us.

因此，我們想傳達的是，我們歡迎初學者和回歸健身房的人。在我們最近進行的一項消費者調查中，包括會員和非會員，有一部分受訪者並不認為Planet Fitness 是他們可以在健身之旅中取得進步或進步的地方，這為我們提供了一個明顯的機會領域。

We are doubling down on our efforts to establish Planet Fitness as the club that welcomes all fitness levels from beginners to more advanced whether they're starting a fitness journey or running another marathon. We're the club for anyone who is seeking a fitness community with no gymtimidation, where members support each other to fulfill the promise of growing stronger together.

我們正在加倍努力，將 Planet Fitness 打造成一個歡迎從初學者到高級的所有健身水平的俱樂部，無論他們是開始健身之旅還是參加另一場馬拉松。我們的俱樂部適合任何尋求無健身恐懼的健身社群的人，在這裡，會員互相支持，實現共同成長的承諾。

We believe this is the right evolution at the right time for our brand. This focus was part of our marketing messaging for our Strong Choice October sale. We ran a social media campaign in late summer that compared our 75-pound dumbbell to a higher-priced gym's dumbbell of equal weight which demonstrated value while evolving our humor to convey that we take fitness seriously.

我們相信，對於我們的品牌來說，這是在正確的時間進行的正確的演變。這項重點是我們 Strong Choice 十月促銷的行銷訊息的一部分。我們在夏末開展了一場社交媒體活動，將我們的75 磅重的啞鈴與價格更高的同等重量的健身房啞鈴進行了比較，這證明了其價值，同時發展了我們的幽默感，以傳達我們認真對待健身的態度。

But we don't take ourselves too seriously. We're beginning the shift to communicating the high value of a Planet Fitness membership versus primarily focusing on our low price and using our marketing to demonstrate the breadth of high-quality top-tier equipment in our clubs.

但我們並沒有太認真地對待自己。我們開始轉變為傳達 Planet Fitness 會員的高價值，而不是主要關注我們的低價，並利用我們的行銷來展示我們俱樂部中高品質頂級設備的廣度。

Looking ahead, our first quarter marketing plans are well underway and we're actively working on new creative assets with our agency partners. We're also excited to be returning for our tenth year as the presenting sponsor of the Times Square New Year's Eve celebration.

展望未來，我們第一季的行銷計畫正在順利進行，我們正在與代理商合作夥伴積極合作開發新的創意資產。我們也很高興第十年再次作為時代廣場除夕慶祝活動的贊助商。

Lastly, on brand strategy, we're encouraged by the progress we're making in our ongoing search for a Chief Marketing Officer, and we look forward to providing an update in the future. Now to our second imperative, enhancing member experience.

最後，在品牌策略方面，我們對持續尋找行銷長所取得的進展感到鼓舞，並期待在未來提供最新資訊。現在我們的第二個當務之急是增強會員體驗。

We want members to know that the value of their Planet Fitness membership goes beyond the four walls of the club. We're using technology to enhance the member experience and drive value and engagement. Planet Fitness is the most downloaded fitness app on the App Store.

我們希望會員知道他們的 Planet Fitness 會員資格的價值超越了俱樂部的四面牆。我們正在利用科技來增強會員體驗並提高價值和參與度。Planet Fitness 是 App Store 上下載次數最多的健身應用程式。

This gives us a great opportunity to deliver content to support our members on their wellness and fitness journey even when they're not in one of our clubs, whether that's doing workouts on the PF app or taking advantage of discounts through our PF Perks program. Deals and discounts with relevant partners can enhance the member value proposition beyond the club experience and potentially help to reduce churn.

這為我們提供了一個絕佳的機會來提供內容來支持我們的會員進行健康和健身之旅，即使他們不在我們的俱樂部之一，無論是在PF 應用程式上進行鍛鍊還是透過我們的PF Perks 計劃享受折扣。與相關合作夥伴的交易和折扣可以增強會員在俱樂部體驗之外的價值主張，並可能有助於減少客戶流失。

Year-to-date, our members have saved a total of approximately $7 million with an average of more than $50 per redemption through our Perks program. So we know there's significant potential as we continue to grow the offerings in the PF app.

今年迄今為止，我們的會員透過我們的福利計劃總共節省了約 700 萬美元，平均每次兌換節省了 50 美元以上。因此，我們知道，隨著我們繼續增加 PF 應用程式中的產品，它具有巨大的潛力。

We're also rolling out a more uniform way to collect member feedback on a system-wide basis. Many of our franchisees have consumer feedback systems in place but now we're implementing a standardized system to analyze this information across our estate. This will give us better line of sight and enable us to be faster to respond to member feedback about their experiences in our clubs.

我們也推出了一種更統一的方式來在全系統範圍內收集會員回饋。我們的許多特許經營商都設有消費者回饋系統，但現在我們正在實施一個標準化系統來分析我們整個莊園的這些資訊。這將為我們提供更好的視野，並使我們能夠更快地回應會員關於他們在俱樂部的體驗的回饋。

We're also confident that enhancing our member experience will further improve AUVs. This leads to our third strategic imperative, refining our product and optimizing our format. This is about updating our experience to meet the needs of today's consumer.

我們也相信，增強我們的會員體驗將進一步改善 AUV。這導致了我們的第三個策略要務，即完善我們的產品並優化我們的業態。這是為了更新我們的體驗以滿足當今消費者的需求。

We're not putting something in a club just because we've always done it that way. We're modernizing our offerings based on what consumers value today while being mindful of our franchisees' P&Ls and capital obligations.

我們不會因為我們一直這樣做就在俱樂部中投入一些東西。我們正在根據當今消費者的價值對我們的產品進行現代化改造，同時注意特許經營商的損益和資本義務。

Preserving our efficient operating model remains an important aspect of our business. For example, we've moved from a large span of cardio equipment to a more balanced footprint of cardio and strength. two years ago, the standard was roughly 100 pieces of cardio and today, it's about 70.

保持高效的營運模式仍然是我們業務的一個重要方面。例如，我們已經從大量的有氧運動設備轉向更平衡的有氧運動和肌力訓練設備。兩年前，有氧運動器材的標準大約是 100 件，而今天，數字約為 70 件。

We did this based on industry trends that showed consumer preference for strength as well as how we observed members using the equipment in our clubs. This saves our franchisees' money on new builds and reequips while making our clubs more relevant for today's member, so they don't feel like they need to graduate to another gym.

我們這樣做是基於顯示消費者對力量的偏好的行業趨勢以及我們如何觀察會員在俱樂部中使用設備的情況。這節省了我們的加盟商在新建和重新裝備方面的資金，同時使我們的俱樂部更適合當今的會員，因此他們不會覺得自己需要轉到另一家健身房。

In collaboration with our franchisees, we rolled out a program to add additional pieces of strength equipment in existing clubs before it becomes a standard for new builds and reequips in 2025. More than 60% of our clubs or more than 1,700, will have the additional pieces of strength equipment in place by the end of this year through voluntary opt-in by our franchisees.

我們與我們的特許經營商合作推出了一項計劃，在現有俱樂部中添加額外的力量裝備，然後該計劃將成為 2025 年新建和重新裝備的標準。到今年年底，我們超過 60% 的俱樂部（即超過 1,700 個）將透過我們的加盟商自願選擇配備額外的力量器材。

The uptake greatly exceeded our expectations which will drive equipment sales up in Q4 beyond what was included in our outlook. Tom will address how this impacts our full year guidance.

這一成長大大超出了我們的預期，這將推動第四季度的設備銷售量超出我們的預期。湯姆將討論這如何影響我們的全年指導。

We're also working to optimize the space within existing clubs, removing some of the less utilized cardio equipment frees up floor space, allowing franchisees to move the equipment from the 30-minute workout area to other places on the club floor.

我們也致力於優化現有俱樂部內的空間，拆除一些較少使用的有氧運動設備以釋放地面空間，讓加盟商將設備從 30 分鐘鍛鍊區移至俱樂部樓層的其他地方。

This provides additional floor space for members to grab a mat and wait and do their work out in an open area in the club, a need we observed when visiting our clubs and speaking with our club managers. This is a great example of a format optimization pivot we were able to make quickly that does not add any cost to our franchisees.

這為會員提供了額外的地板空間，讓他們可以在俱樂部的開放區域拿起墊子等待並進行鍛煉，這是我們在參觀俱樂部並與俱樂部經理交談時觀察到的需求。這是一個很好的例子，說明我們能夠快速實現格式最佳化，並且不會為我們的特許經營商增加任何成本。

Finally, our fourth imperative is accelerating new club growth. We have a responsibility to put club economics in the sightline of everything we do. Our goal is to drive the top line while enhancing the bottom line and reduce capital cost to enable our system to turn up the afterburners on growth.

最後，我們的第四個當務之急是加速新俱樂部的發展。我們有責任將俱樂部經濟納入我們所做的一切的視線中。我們的目標是推動營收，同時提高利潤並降低資本成本，使我們的系統加速成長。

Before I joined Planet Fitness, two critical pieces were in place to enhance what were already strong club level returns. The new growth model and the decision to increase the Classic card price. While we've been discussing the new growth model for several quarters now, it's important to note that clubs that were built or underwent an equipment replacement cycle in Q2 and Q3 were the first to see the cost benefits from this initiative.

在我加入 Planet Fitness 之前，有兩個關鍵部分已經到位，以增強本已強勁的俱樂部級回報。新的成長模式和提高經典卡價格的決定。雖然我們已經討論新的成長模式好幾個季度了，但值得注意的是，在第二季度和第三季度建成或經歷設備更換週期的俱樂部是最先看到這一舉措帶來的成本效益的。

Clubs that opened in Q3 also had the added benefit of the price increase. While these are meaningful changes, we are continuing to look for ways to reduce the new club build cost to further enhance the economics for our franchisees.

第三季開業的俱樂部也獲得了價格上漲的額外好處。雖然這些都是有意義的變化，但我們仍在繼續尋找降低新俱樂部建設成本的方法，以進一步提高加盟商的經濟效益。

Looking ahead, we have a tremendous opportunity to grow domestically in both new and existing markets across the country. Our long-term target of 5,000 clubs in the US is based primarily on our 20,000 square foot traditional Planet Fitness.

展望未來，我們擁有在全國新市場和現有市場實現國內成長的巨大機會。我們在美國擁有 5,000 個俱樂部的長期目標主要基於我們 20,000 平方英尺的傳統 Planet Fitness。

At the same time, we continue to work on smaller footprint clubs for infill locations and for less populated areas, which would further our domestic opportunity. We also have plans to grow internationally in strategic markets where we can achieve scale, density and market leadership.

同時，我們繼續致力於在填充地點和人口較少的地區建立佔地面積較小的俱樂部，這將進一步增加我們的國內機會。我們也計劃在策略市場上實現國際成長，在這些市場上我們可以實現規模、密度和市場領導地位。

We will continue to build our presence in newer markets such as Mexico, Spain and Australia. We're also excited about the progress we're making in our search for a Chief Development Officer and will provide updates when appropriate.

我們將繼續在墨西哥、西班牙和澳洲等新市場建立業務。我們也對尋找首席開發官所取得的進展感到興奮，並將在適當的時候提供最新資訊。

In closing, during our recent franchisee conference, there was palpable enthusiasm for continued growth with Planet Fitness. We laid out our plans to redefine our brand positioning and brand promise and showed an early peak at some of the marketing in the works to drive joins.

最後，在我們最近的加盟商會議上，大家對 Planet Fitness 的持續成長表現出明顯的熱情。我們制定了重新定義品牌定位和品牌承諾的計劃，並在一些旨在推動加盟的行銷工作中取得了早期的高峰。

We also shared tools and initiatives to enhance our member experience and reduce churn, including some cool tech enhancements on the horizon. And we reiterated our commitment to refining our product offering to stay relevant for today's member while being mindful of build costs. We are invigorated by the spirit of excitement across our system and look forward to discussing updates on our progress and our 2025 outlook on our call in February.

我們還分享了增強會員體驗和減少客戶流失的工具和舉措，包括即將推出的一些很酷的技術增強功能。我們重申我們致力於完善我們的產品，以保持與當今會員的相關性，同時注意建立成本。我們整個系統的興奮精神讓我們感到振奮，並期待在 2 月的電話會議上討論我們的最新進展和 2025 年展望。

Now I will turn it over to Tom.

現在我將把它交給湯姆。

Thanks, Colleen. Before I get to our third quarter results, I'd like to address the power of our asset-light franchise model and its ability to generate significant free cash flow.

謝謝，科琳。在公佈第三季業績之前，我想先談談我們的輕資產特許經營模式的力量及其產生大量自由現金流的能力。

Our model enables us to continuously assess the best use of our cash and how we can leverage our balance sheet to enhance shareholder value. Since 2017, we have returned more than $1.3 billion to shareholders via share repurchases. Most recently, during the quarter, we completed a $280 million accelerated share repurchase agreement that we entered into following our $800 million securitized debt transaction in Q2.

我們的模型使我們能夠不斷評估現金的最佳使用方式以及如何利用資產負債表來提高股東價值。自 2017 年以來，我們已透過股票回購向股東返還超過 13 億美元。最近，在本季度，我們在第二季度完成了 8 億美元的證券化債務交易後簽署了一項 2.8 億美元的加速股票回購協議。

At the conclusion of the ASR agreement, a new $500 million share repurchase authorization went into place. Today, we have five tranches of fixed rate securitized debt of $2.2 billion at a blended rate of approximately 4.5%. And our net leverage ratio of 3.7 times is about where it was last year despite the debt upsize. We believe the combination of our asset-light franchise model and strong club economics sets us up to take advantage of our long-term growth opportunities and continue to enhance shareholder value.

ASR 協議簽訂後，新的 5 億美元股票回購授權生效。如今，我們有五批固定利率證券化債務，總金額為 22 億美元，混合利率約 4.5%。儘管債務規模擴大，但我們的淨槓桿率為 3.7 倍，與去年水準相當。我們相信，我們的輕資產特許經營模式和強大的俱樂部經濟相結合，使我們能夠利用我們的長期成長機會，並繼續提高股東價值。

Now to our third quarter results. All of my comments regarding our quarter performance will be comparing Q3 2024 to Q3 of last year, unless otherwise noted. We opened 21 new clubs compared to 26. We delivered system-wide same club sales growth of 4.3% in the third quarter.

現在我們來看看第三季的業績。除非另有說明，我對季度業績的所有評論都將比較 2024 年第三季和去年第三季。我們開設了 21 個新俱樂部，而之前的俱樂部數量為 26 個。第三季我們的全系統同俱樂部銷售額成長了 4.3%。

Franchisee same club sales increased 4.5% and corporate same club sales increased 3.4%. Approximately 50% of our Q3 comp increase was driven by net member growth with the balance being rate growth. 63.1% of our membership are Black Card members compared to 62.1%.

特許經營商同款球桿銷售額成長 4.5%，企業同款球桿銷售額成長 3.4%。我們第三季的薪資成長大約有 50% 是由淨會員成長推動的，其餘的則是費率成長。我們 63.1% 的會員是黑卡會員，而這一比例為 62.1%。

As Colleen noted earlier, the results in Q3 are consistent with and slightly better than what we expected after increasing the price of our Classic card from $10 to $15 in late June. Our expectations were based on our extensive testing of the price increase across several markets.

正如 Colleen 先前指出的，第三季的結果與我們在 6 月底將 Classic 卡的價格從 10 美元提高到 15 美元後的預期一致，並略好於我們的預期。我們的預期是基於我們對多個市場的價格上漲進行的廣泛測試。

Now typically, there's not a lot of net member growth in the third quarter of any given year. With the Classic card price increase in June, we expected a slight decline in membership in Q3, which was more than offset by the rate improvement on Classic card and higher Black Card mix.

現在通常來說，每年第三季的淨會員成長並不多。隨著 6 月經典卡價格的上漲，我們預計第三季會員數量將略有下降，但經典卡費率的提高和更高的黑卡組合足以抵消這一下降。

For the third quarter, total revenue was $292.2 million compared to $277.6 million. The increase was driven by revenue growth across the franchise and corporate-owned segments. The 4.3% increase in franchise segment revenue was primarily due to increases in royalties, new clubs and national ad fund revenue.

第三季總營收為 2.922 億美元，去年同期為 2.776 億美元。這一成長是由特許經營和企業擁有的部門的收入成長所推動的。特許經營部門收入成長 4.3%，主要是由於特許權使用費、新俱樂部和國家廣告基金收入的增加。

For the third quarter, the average royalty rate was 6.7%, up from 6.6%. The 13.1% increase in revenue in corporate-owned club segment was primarily driven by same club sales growth, annual and other fees as well as new clubs.

第三季的平均特許權使用費率為 6.7%，高於 6.6%。企業擁有的俱樂部部門收入成長 13.1%，主要是由同俱樂部銷售成長、年費和其他費用以及新俱樂部推動的。

Equipment segment revenue decreased 6.7%. The decrease was primarily driven by lower revenue from equipment sales to new franchisee-owned clubs, which was due to fewer new club placements as well as the shift to more strength equipment versus cardio.

設備部門收入下降 6.7%。下降的主要原因是新加盟商擁有的俱樂部的設備銷售收入下降，這是由於新俱樂部安置的減少以及轉向強度更大的設備而不是有氧運動。

As we noted last quarter, the shift in the equipment mix brings down the overall equipment sales on a per club basis. Now as a reminder, we are keeping our profit dollars neutral. We completed 15 new club placements this quarter compared to 22 last year.

正如我們上季所指出的，設備組合的變化降低了每個俱樂部的整體設備銷售。現在提醒一下，我們保持利潤中性。本季我們完成了 15 個新俱樂部安置，而去年為 22 個。

For the quarter, replacement equipment accounted for 85% of total equipment revenue compared to 79%. Our cost of revenue, which primarily relates to the cost of equipment sales to franchisee-owned clubs was $45.7 million compared to $53.8 million, a decrease of 15%.

本季度，更換設備佔設備總收入的 85%，而這一比例為 79%。我們的收入成本（主要與向特許經營俱樂部銷售設備的成本有關）為 4,570 萬美元，較 5,380 萬美元下降了 15%。

Cost of revenue decreased at a higher rate than revenue, primarily due to the equipment mix shift I just described. Club operation expenses, which relates to our corporate-owned club segment increased to $71.6 million from $63.1 million.

收入成本的下降速度高於收入的下降速度，這主要是由於我剛才描述的設備組合的轉變。與我們公司擁有的俱樂部部門相關的俱樂部營運費用從 6,310 萬美元增加到 7,160 萬美元。

SG&A for the quarter was $32.6 million compared to $33.3 million. Adjusted SG&A was $31.3 million, which includes a $1.3 million adjustment for CEO transition-related expenses compared to $30.7 million which included $2.5 million for CEO transition-related expenses.

銷售及管理費用該季度的營收為 3,260 萬美元，而上季為 3,330 萬美元。調整後的 SG&A 為 3,130 萬美元，其中包括 130 萬美元的 CEO 換屆相關費用調整，而 3,070 萬美元則包括 250 萬美元的 CEO 換屆相關費用。

National advertising fund expense was $19.7 million compared to $17.6 million. Net income was $42.4 million, adjusted net income was $54.7 million and adjusted net income per diluted share was $0.64. Adjusted EBITDA was $123.1 million, and adjusted EBITDA margin was 42.1% compared to $111.9 million with adjusted EBITDA margin of 40.3%.

全國廣告基金支出為 1,970 萬美元，去年同期為 1,760 萬美元。淨利潤為 4,240 萬美元，調整後淨利為 5,470 萬美元，調整後每股攤薄淨利潤為 0.64 美元。調整後 EBITDA 為 1.231 億美元，調整後 EBITDA 利潤率為 42.1%，而調整後 EBITDA 利潤率為 1.119 億美元，調整後 EBITDA 利潤率為 40.3%。

By segment, franchise adjusted EBITDA was $72.8 million, and adjusted EBITDA margin was 71.1%. Corporate club adjusted EBITDA was $50.4 million, and adjusted EBITDA margin was 39.3%. Equipment adjusted EBITDA was $18.5 million, and adjusted EBITDA margin was 30%.

按部門劃分，特許經營權調整後 EBITDA 為 7,280 萬美元，調整後 EBITDA 利潤率為 71.1%。企業俱樂部調整後的 EBITDA 為 5,040 萬美元，調整後的 EBITDA 利潤率為 39.3%。設備調整後 EBITDA 為 1,850 萬美元，調整後 EBITDA 利潤率為 30%。

Now turning to the balance sheet. As of September 30, 2024, we had total cash, cash equivalents and marketable securities of $530.7 million compared to $447.9 million on December 31, 2023, which included $67.8 million and $46.3 million of restricted cash, respectively, in each period.

現在轉向資產負債表。截至2024 年9 月30 日，我們的現金、現金等價物及有價證券總額為5.307 億美元，而2023 年12 月31 日為4.479 億美元，其中每個時期分別包括6,780 萬美元及4,630 萬美元的限制性現金。

In Q3 2024, we retired approximately 700,000 shares of the approximately 4 million retired in total year to date upon final settlement of the ASR. Finally, our outlook for 2024. We're reiterating our new club growth targets and continue to expect between 140 and 150 new clubs, which includes both franchise and corporate locations as well as between 120 and 130 equipment placements in new franchise clubs.

2024 年第三季度，我們在 ASR 最終結算後，註銷了今年迄今已註銷的約 400 萬股股票中的約 70 萬股。最後，我們對 2024 年的展望。我們重申我們的新俱樂部成長目標，並繼續預計將有 140 至 150 個新俱樂部，其中包括特許經營和企業地點，以及在新特許經營俱樂部中放置 120 至 130 個設備。

Now I'll discuss our outlook revisions. With only two months remaining in the year, we're tightening our range for same club sales growth to 4% to 5% from 3% to 5%. Now as Colleen noted, our franchisees purchased additional pieces of strength equipment that we are placing in clubs during Q4.

現在我將討論我們的展望修訂。今年只剩下兩個月了，我們將同一球桿銷售成長的範圍從 3% 至 5% 收緊至 4% 至 5%。現在，正如科琳指出的那樣，我們的特許經營商購買了額外的力量器材，我們將在第四季度將其放置在俱樂部中。

We expect an additional approximately $20 million to our Equipment segment revenue in the fourth quarter as a result. Additionally, this drives up the percentage of equipment segment revenue from reequipped sales to approximately 70% for the full year.

我們預計第四季度我們的設備部門收入將增加約 2000 萬美元。此外，這使得全年設備部門收入中來自改裝銷售的比例提高到約 70%。

We've also made the decision to make a couple of investments in Q4 to set ourselves up for a successful 2025, which will flow through our SG&A. Therefore, we now expect the following targets that represent growth over fiscal year 2023 results.

我們還決定在第四季度進行幾項投資，為 2025 年的成功做好準備，這將貫穿我們的 SG&A。因此，我們現在預計以下目標將代表 2023 財年業績的成長。

Revenue to grow in the 8% to 9% range, up from 4% to 6%. Adjusted EBITDA will grow in the 8% to 9% range, which was previously 7% to 9%. Adjusted net income to increase in the 8% to 9% range, up from 4% to 6%, and adjusted earnings per diluted share to grow in the 11% to 12% range, up from 7% to 9%, based on adjusted diluted weighted average shares outstanding of approximately 86.5 million, inclusive of the shares repurchased as part of the ASR agreement.

收入將從 4% 升至 6%，增長 8% 至 9%。調整後的 EBITDA 將成長 8% 至 9%，此前為 7% 至 9%。調整後淨利潤將在 8% 至 9% 範圍內增長，從 4% 升至 6%，調整後每股攤薄收益將在 11% 至 12% 範圍內增長，從 7% 升至 9%。加權平均已發行股數約為8,650 萬股，包括作為ASR 協議一部分回購的股票。

We also continue to expect 2024 net interest expense of approximately $75 million, excluding the write-off of deferred financing costs associated with our debt refinancing transaction. Lastly, we now expect CapEx to be up approximately 20% and D&A to be up approximately 10%.

我們也繼續預期 2024 年淨利息支出約為 7,500 萬美元，不包括與債務再融資交易相關的遞延融資成本沖銷。最後，我們現在預計資本支出將成長約 20%，D&A 將成長約 10%。

Finally, I'd like to thank all of the investors and analysts who I've interacted with over my five years here. It has been a privilege to serve as your CFO at Planet Fitness and work alongside such a dedicated and passionate team. I will miss these calls and the interactions with our analysts and shareholders but I can't think of a better way to end my career than working for a brand that does so well, but also does so much good.

最後，我要感謝五年來與我互動的所有投資人和分析師。我很榮幸能夠擔任 Planet Fitness 的財務官，並與這樣一支敬業且充滿熱情的團隊一起工作。我會懷念這些電話以及與我們的分析師和股東的互動，但我想不出比為一個表現如此出色但也做了這麼多好事的品牌工作更好的方式來結束我的職業生涯。

I'm proud of the work we've done here as a team to deliver value for our franchisees and our shareholders, and I'm excited to see the results from the growth initiatives that Colleen and the team are working on, which I believe will create even more value for all stakeholders for the years to come.

我為我們作為一個團隊所做的工作感到自豪，為我們的特許經營商和股東創造價值，我很高興看到科琳和團隊正在努力的增長計劃所取得的成果，我相信這一點將在未來幾年為所有利害關係人創造更多價值。

I'll now turn the call back to Colleen.

我現在將電話轉回給科琳。

On behalf of the entire Planet Fitness team, I want to thank Tom for his contributions and dedication to Planet Fitness since joining the company in 2020.

我謹代表整個 Planet Fitness 團隊，感謝 Tom 自 2020 年加入公司以來為 Planet Fitness 所做的貢獻和奉獻。

I am incredibly appreciative of Tom extending his retirement date and remaining as CFO throughout the search process and for working with Jay to ensure a smooth transition. Tom has been a great partner to me since I joined the company, and we wish him all the best as he joins the Every Day is Saturday Club.

我非常感謝 Tom 延長了退休日期，並在整個搜尋過程中繼續擔任財務官，並與 Jay 合作以確保順利過渡。自從我加入公司以來，湯姆一直是我的一個很好的合作夥伴，我們祝他在加入「每天都是星期六俱樂部」時一切順利。

I'll now turn the call back to the operator to open it up for Q&A.

我現在將把電話轉回接線員以進行問答。

(Operator Instructions) Simeon Siegel, BMO Capital Markets.

（操作員說明）Simeon Siegel，BMO 資本市場。

Congrats on the ongoing momentum. Really nice to see. Welcome, Jay. Looking forward to working with you. And then, Tom, thanks again for everything just sending best wishes on your next chapter. I hope you don't miss us too much.

祝賀持續的勢頭。真的很高興看到。歡迎，傑伊。期待與您合作。然後，湯姆，再次感謝你所做的一切，為你的下一個篇章送上最美好的祝愿。希望你不要太想念我們。

Great to hear about the returning gym members, Colleen. Any color you can share on what percentage of gross adds maybe are reactivated members? Maybe can you speak to the broader opportunity you might see there as you look at the currently lapsed members?

很高興聽到健身房會員回來的消息，科琳。您可以分享一下重新啟用的會員佔總新增人數的百分比嗎？也許您能談談當您查看當前流失的成員時您可能會看到的更廣泛的機會嗎？

And then just any further color you'd be willing to share on customer and then also perhaps the franchisee response to the higher Classic card price and then maybe the impact on potential opportunity in Black Card?

然後您願意與客戶分享的任何進一步的顏色，然後也許特許經營商對更高的經典卡價格的反應，然後可能對黑卡潛在機會的影響？

Yes. I'll start with the returning members. We typically see about a third of our joins are returning members. This past quarter was a bit higher. We had about 38% of our joins this past quarter were returning members. And I think the second -- the build on that was, do we see more opportunity?

是的。我將從回歸的成員開始。我們通常會看到大約三分之一的加入是回歸會員。上個季度略高一些。上個季度我們加入的會員中有大約 38% 是回歸會員。我認為第二個——在此基礎上，我們是否看到了更多機會？

Again, we continue to market to former members and invite them back and think that the welcoming experience that we provide at Planet and our unique and differentiated offering is why we see such a high proportion of members rejoining. And I touched in my remarks, we're quite focused on member experience and making sure that we're evolving our format so that we're attractive to returning gym goers and also to folks who've been members of our clubs or other clubs in the past.

再次，我們繼續向前會員進行行銷並邀請他們回來，並認為我們在 Planet 提供的歡迎體驗以及我們獨特且差異化的服務是我們看到如此高比例的會員重新加入的原因。我在發言中提到，我們非常注重會員體驗，並確保我們不斷發展我們的模式，以便我們能夠吸引回訪的健身愛好者以及曾經是我們俱樂部或其他俱樂部會員的人們在過去。

So again, not just a beginner gym. And then I think you -- the next part was response to the price increase from our members and our franchisees. Again, I think, as I mentioned, we thought the timing was right to seed the new pricing in front of a quarter that's not our highest join quarter and give our market an opportunity to adjust to the new pricing before we get into Q1, yet we see strong momentum.

再說一遍，不只是初學者健身房。然後我想你 - 下一部分是對我們的會員和特許經營商漲價的回應。再次，我認為，正如我所提到的，我們認為在不是我們最高加入季度的季度之前播種新定價的時機是正確的，並讓我們的市場有機會在進入第一季之前調整新定價，但我們看到了強勁的勢頭。

And as I mentioned in my remarks, the $15 price point today represents an even greater value than $10 was when we established that price point 25 years ago, more than 25 years ago. And the response from our franchisees has been quite supportive, and we see it accretive to AUVs at the 12-month mark for existing clubs and quite favorable for new clubs, new club openings as they'll have a majority of their joins at that minimum threshold.

正如我在演講中提到的，今天 15 美元的價格點比我們 25 年前、超過 25 年前確定該價格點時的 10 美元價值更高。我們的特許經營商的反應非常支持，我們認為現有俱樂部在 12 個月後會增加 AUV，並且對新俱樂部、新俱樂部開業相當有利，因為他們將在最低限度內獲得大部分加入臨界點。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

I guess I wanted to follow up, Tom, I -- and by the way, I can't wait to join the never-ending vacation club or whatever it was referred to.

我想我想跟進，湯姆，我——順便說一句，我迫不及待地想加入永無止境的度假俱樂部或任何它提到的東西。

Every Day is a Saturday.

每天都是星期六。

Every Day is a Saturday, I can't wait to put that on LinkedIn. So on SG&A, I think you talked about some investments in the fourth quarter, obviously, to get to the new guidance on that revenue jump. There's got to be a really big increase in SG&A year over year.

每天都是星期六，我迫不及待地想把它放到 LinkedIn 上。因此，在銷售、管理和行政費用方面，我認為您顯然談到了第四季度的一些投資，以獲得有關收入成長的新指導。SG&A 逐年大幅成長。

Can you quantify that for the fourth quarter? And what those investments are as you're looking towards feeding more growth in '25?

您能量化第四季的情況嗎？當您希望在 25 年推動更多成長時，這些投資是什麼？

Yes, I'll start and maybe Colleen will add. So as you know, Sharon, we don't give a lot of quarterly guidance. But what I would say is, as we looked at the strategic initiatives that Colleen has had the team focused on here since she arrived, and some of the marketing activity that she's discussed in evolving the brand's position coming into Q1.

是的，我會開始，也許科琳會補充。莎倫，如您所知，我們不會提供太多季度指引。但我想說的是，當我們看到科琳自到來以來一直讓團隊重點關注的戰略舉措，以及她在第一季度發展品牌地位時討論的一些營銷活動。

We wanted to make sure that we were investing behind that as well as some IT investments to really set up 2025 to be a strong year. So I think we thought it was prudent given where we were, it might be a touch conservative as well in terms of how we thought about it, but wanted to make sure we were thinking about the near term and the long term.

我們希望確保我們在這方面進行投資以及一些 IT 投資，以真正讓 2025 年成為強勁的一年。因此，我認為考慮到我們所處的位置，我們認為這是謹慎的，就我們的想法而言，這可能也有點保守，但希望確保我們考慮的是近期和長期。

And is there anything there for incremental efforts to stimulate franchise development? Or is that not an element of the SG&A spend?

是否有任何措施可以持續努力刺激特許經營的發展？或者說這不是 SG&A 支出的一部分？

No, other than member growth always helps with that aspect of it, as you know.

不，正如你所知，除了會員成長總是有助於這方面的發展。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Colleen, it's interesting to see the system move so quickly on the shift of the equipment and the strength equipment you mentioned. Just as you think about the other strategic priorities you laid out, could you maybe talk a little bit more about phasing or time line or what we should expect, especially coming up on the all-important Q1 period around marketing. Just any more context around phasing and some of the other initiatives?

科琳，很有趣的是看到系統在您提到的設備和力量設備的轉移上移動得如此之快。正如您思考所製定的其他策略重點一樣，您能否多談談分階段或時間表或我們應該期待什麼，特別是在圍繞行銷的最重要的第一季期間。關於分階段和其他一些舉措還有更多背景資訊嗎？

Yes. I think as it relates to the brand positioning and marketing, we're coming down the home stretch on the brand work and our brand positioning and we've already started a bit of testing with some of our new marketing messaging, and we're developing the creative that we'll launch for Q1.

是的。我認為，由於它與品牌定位和行銷有關，我們正在品牌工作和品牌定位的衝刺階段，我們已經開始對一些新的行銷訊息進行一些測試，我們正在開發我們將在第一季推出的創意。

We've used a lot of consumer data and a lot of customer insights to help inform that messaging. And I think important to know that we will strike the balance of bringing through the brand positioning, which we're calling Why PF and also marrying that with marketing messaging that is compelling and drives joins. So we call that Why YPF now.

我們使用了大量的消費者數據和大量的客戶洞察來幫助傳達這一訊息。我認為重要的是要知道我們將在品牌定位（我們稱之為“Why PF”）和將其與引人注目並推動加入的營銷訊息相結合之間取得平衡。所以我們現在稱之為「為什麼 YPF」。

So we'll use both the brand positioning and the communication of our evolution from strength in our mix and format, while also highlighting the price value that we offer and making sure that that's also well communicated in the marketing messaging. So I'd say that's an urgency.

因此，我們將利用品牌定位和我們的組合和形式的實力演變的溝通，同時強調我們提供的價格價值，並確保在行銷訊息中也能很好地傳達這一點。所以我想說這是一個緊迫的事情。

I'd say underpinning all of it I touched on a couple of the new roles, making sure that we've got the right team, and I call it the Blue Ribbon team, making sure we're building our Blue Ribbon team, I'm leaning in very heavily on the recruitment of the CMO and the CDO.

我想說的是，在支撐這一切的基礎上，我談到了幾個新角色，確保我們擁有合適的團隊，我稱之為藍帶團隊，確保我們正在建立我們的藍帶團隊，我我們非常依賴CMO 和CDO 的招募。

We're making excellent progress there and have really strong slates of candidates. So that's a focus between now and year-end. And you heard me talk about the execution already on the things that are affecting member experience.

我們在那裡取得了巨大的進展，並且擁有非常強大的候選人名單。所以這是從現在到年底的一個重點。你聽到我談論了影響會員體驗的事情的執行情況。

So getting the format optimization, floor plan optimization right, the support that we've received from our franchisees in that endeavor has been really quite encouraging. And I think, again, as I mentioned in my remarks, it's about delivering that in a way that's also -- that's accretive to the member experience and also favorable from a unit economic standpoint and an operating cost standpoint for our franchisees.

因此，在業態優化、平面圖優化方面，我們從特許經營商那裡得到的支持確實非常令人鼓舞。我認為，正如我在發言中提到的那樣，這也是以一種能夠增加會員體驗的方式來實現這一點，並且從單位經濟的角度和運營成本的角度來看，對我們的特許經營商也是有利的。

And as it relates to accelerating growth, driving joins, enhancing -- increasing membership, enhancing the member experience and being mindful of franchisee economics, those are the things that culminate in our ability to accelerate growth.

由於它涉及加速成長、推動加盟、增強——增加會員、增強會員體驗以及關注加盟商經濟，這些都是我們加速成長能力的最終目標。

Yes, that's great. We'll look forward to progress on those fronts. Just one follow-up then on units. Could you maybe just talk about that in the short-term visibility around Q4, it looks like you need a little bit of an uptick from the Q4 opening pace last year. So just confidence and visibility there?

是的，那太好了。我們期待在這些方面取得進展。只需對單位進行一次後續行動。您能否談談第四季度的短期能見度，看起來您需要比去年第四季的開盤速度有所提升。那麼只有信心和知名度嗎？

And then I know it's too early to understand the economics for new builds that are opening up here. But just given the initiatives, given morale on the system, given international. Should we think that 2024 is a floor on the pace of openings or any other directional color as we look forward?

然後我知道現在要了解這裡新建的新建築的經濟效益還為時過早。但只要考慮到這些舉措、考慮系統的士氣、考慮到國際性。我們是否應該認為 2024 年是開業步伐的底部，還是我們展望的任何其他方向性顏色？

John, it's Tom. I'll take that. So in terms of Q4, you're right, it is more weighted than it was last year to Q4, but still well below what we've done historically. We've done more than 100, I think it was back in 2019 we were north of 100. So the implied openings that we have for this year is still below that.

約翰，是湯姆。我會接受的。因此，就第四季而言，你是對的，它的權重比去年第四季的權重更大，但仍遠低於我們歷史上的表現。我們已經做了超過 100 個，我想早在 2019 年我們就已經超過 100 個了。因此，我們今年的隱含職缺仍然低於這個數字。

But to your point, it's up a little bit from last year. So we feel confident, we -- the team tracks that rigorously with our franchisees and that's why we felt good about reaffirming where we said we would be. And I appreciate you're wanting to understand where 2024 lands and what that means in terms of it being a floor.

但就你而言，它比去年有所上升。因此，我們充滿信心，我們的團隊與我們的特許經營商嚴格追蹤這一點，這就是為什麼我們對重申我們所說的目標感到滿意。我很高興您想了解 2024 年的目標以及它作為一個下限意味著什麼。

I think, Colleen -- we'll get to 2025, Colleen and Jay will on our next call. But we certainly think we have all the elements in place to -- in terms of the strategic initiatives as well as the new growth model and the Classic card pricing that we put in place here in the last 12 months to create the right momentum around new unit growth, whether what that number ends up being in 2025 and beyond, we'll come to that. But we certainly feel good about all the activity that we've put in place to accelerate the growth of new units, both domestically and internationally.

我想，科琳——我們會到 2025 年，科琳和傑伊將在我們的下一次通話中。但我們當然認為我們已經具備了所有要素 - 就戰略舉措以及新的增長模式和經典卡定價而言，我們在過去 12 個月中在這裡制定了圍繞新業務創造正確動力的方法。這個數字到2025 年及以後會是多少，我們都會討論這個問題。但我們當然對我們為加速國內和國際新單位的成長而採取的所有活動感到滿意。

Rahul Krotthapalli, JPMorgan.

拉胡爾·克羅塔帕利，摩根大通。

Thanks for the detailed update, Colleen. And Tom, I'll definitely miss you more than you would think. I have a two-part question. The first one is on a lot of retail store closures were seen recently that came into the market, I think almost like more than 4,000 boxes.

感謝科琳的詳細更新。湯姆，我一定會比你想像的更想念你。我有一個由兩個部分組成的問題。第一個是最近看到很多進入市場的零售店關閉，我想大約有 4,000 多箱。

How are you and franchises taking advantage of this to see if any of the supply can be used for repurposing into a Planet Fitness gym? And will this supply directionally give us more confidence for the system's ability to accelerate store openings next year? And I have a follow-up.

您和特許經營商如何利用這一點來查看是否有任何供應可以重新用於 Planet Fitness 健身房？而這種供給是否會定向讓我們對系統明年加速開店的能力更有信心呢？我有一個後續行動。

Yes. I'll start, and maybe Tom can build on that. I think you're right, we -- I read a recent study that said there were about 5,300 closures last year, and there'll be north of 6,000 closures this year. And we do see that as an opportunity for Planet Fitness and to work in partnership with our franchisees.

是的。我會開始，也許湯姆可以在此基礎上繼續。我認為你是對的，我最近讀到的一項研究表明，去年大約有 5,300 家工廠倒閉，今年將有超過 6,000 家工廠倒閉。我們確實認為這對 Planet Fitness 來說是一個與我們的特許經營商合作的機會。

Our real estate team is engaged with brokers on a very regular basis to have line of sight to where space may be becoming available and then partnering with our franchisees on that availability where there's an opportunity to develop a new club. So I think you're spot on, and we're seeing the same trends.

我們的房地產團隊定期與經紀人合作，了解可能出現的可用空間，然後與我們的特許經營商就可用空間進行合作，以便有機會開發新俱樂部。所以我認為你說得很對，我們也看到了同樣的趨勢。

We know that's market specific. It's not in every market, but there's a lot of space coming online. And I think the other thing, and we've talked about it a little bit, but have an opportunity to talk about it more is really the resilience of our business and the durability of our cash flows.

我們知道這是特定於市場的。並非每個市場都有這種服務，但網路上有很多空間。我認為另一件事，我們已經討論了一點，但有機會更多地討論它，這實際上是我們業務的彈性和現金流的持久性。

When you think about even coming through a once-in-a-lifetime global pandemic, where our clubs were closed for -- in some municipalities for extended periods of time, we did not have one club -- permanent closure during COVID for financial reasons.

當你想到甚至經歷了一場千載難逢的全球大流行時，我們的俱樂部因經濟原因而在某些城市關閉了很長一段時間，我們沒有一個俱樂部在新冠病毒期間永久關閉。

I think that absolutely speaks to the resilience of our business and should make us very attractive to developers and landlords when space becomes available because of their confidence in our ability to fulfill lease terms. So we see that as certainly a potential tailwind.

我認為這絕對說明了我們業務的彈性，當開發商和房東有可用空間時，我們對我們非常有吸引力，因為他們對我們履行租賃條款的能力充滿信心。因此，我們認為這肯定是一個潛在的推動力。

Perfect. And the follow-up is on the FTC, so the new click-to-cancel ruling update we saw recently. Can you remind us what percentage of clubs today have this feature activated across the franchisees? And how should we think about the churn trends given some of the trends we have seen in the past with Tennessee and California and some other states you guys rolled out before.

完美的。後續是聯邦貿易委員會，所以我們最近看到了新的點擊取消裁決更新。您能否提醒我們，目前有多少俱樂部在加盟商中啟動了此功能？鑑於我們過去在田納西州、加利福尼亞州以及你們之前推出的其他一些州看到的一些趨勢，我們應該如何考慮客戶流失趨勢。

Yes, I'll start and then if Tom maybe you can build on it. So today, all of our corporate clubs have click-to-cancel available and have had it in place for roughly a year. And across the estate, about 35% of our membership is in clubs or geographies where they have -- where click-to-cancel is available to them.

是的，我會開始，然後湯姆也許你可以在此基礎上繼續發展。因此，今天，我們所有的企業俱樂部都提供了點擊取消功能，並且已經實施了大約一年。在整個莊園中，大約 35% 的會員來自他們擁有的俱樂部或地區——他們可以點擊取消。

What we've seen generally is that, in some cases, there's a small initial spike in churn rather. However, that churn rate moderates and then the -- particularly in our corporate clubs, we've returned to normal churn rate. And as I said, they've had click-to-cancel in place for about a year.

我們普遍看到的是，在某些情況下，流失率最初會出現一個小峰值。然而，流失率有所緩和，然後——特別是在我們的企業俱樂部中，我們已經恢復到正常的流失率。正如我所說，他們已經使用點擊取消功能大約一年了。

There is one exception to that, that's the state of Tennessee, where the churn rate has remained elevated. But again, that's one state out of 10. And again, it's really moderated back to normal across most of the estate. Tom, do you want to add anything?

但有一個例外，那就是田納西州，該州的客戶流失率一直很高。但同樣，這只是十分之一。再說一次，大部分地區的疫情確實已經恢復正常。湯姆，你想補充什麼嗎？

No, I think that's right.

不，我認為這是對的。

Megan Clapp, Morgan Stanley.

梅根克拉普，摩根士丹利。

Tom, thanks, again, as everyone said for everything. And maybe a question for you, Tom. I think that the change in the revenue guide does seem to be mostly driven by this extra equipment that you're seeing franchisees maybe pull forward here. But you also did take up that comp guide.

湯姆，再次感謝大家，正如大家所說的。湯姆，也許有個問題想問你。我認為收入指南的變化似乎主要是由你看到特許經營商可能在這裡推出的額外設備所驅動的。但您也確實閱讀了該比較指南。

So wanted to see if you could just talk more about the drivers there and what's driving the better outlook for the comp. Is it churn? Is it better elasticity following the price increase, what you're seeing as it relates to Black Card penetration?

所以想看看你是否可以更多地談談那裡的車手以及是什麼推動了比賽的更好前景。是攪動嗎？您所看到的與黑卡滲透率相關的價格上漲後的彈性是否更好？

I understand there's a lot of puts and takes and there's been a lot going on this year. So was just hoping you could maybe give a finer point as to what's coming in a bit better than your expectations on the comp outlook?

我知道今年有很多變化和變化，也發生了很多事情。那麼，只是希望您能就未來的情況比您對公司前景的預期更好一點給出更詳細的觀點嗎？

Yes, sure thing. So you're right. And it wasn't really an equipment pull forward, Megan, it was an incremental investment and that our franchisees made and will become part of the standard package going forward. So we're quite encouraged, as Colleen said, that they saw that they are aligned with the strategic move to have more strength equipment as part of our mix and to put some of these pieces and pretty quickly to signal that for the all-important Q1.

是的，當然可以。所以你是對的。這不是真正的設備推進，梅根，這是一項增量投資，我們的特許經營商所做的並將成為未來標準包的一部分。因此，正如科琳所說，我們感到非常鼓舞，他們看到他們與戰略舉措保持一致，將更多的力量裝備作為我們組合的一部分，並放置其中一些裝備，並很快向最重要的信號發出信號。

So we -- and you're right, that is the lion's share of the revenue uptick in terms of the outlook. In terms of our same club sales, we tightened that range to the high end for the reasons that we discussed on the call -- in the prepared remarks. But -- and I think we don't get too specific when we talk about the elements of what we saw in the testing and what we have experienced here now in Q3.

所以我們——你是對的，就前景而言，這是收入成長的最大份額。就我們相同的球桿銷量而言，我們將這一範圍收緊至高端，原因我們在電話會議上討論過——在準備好的講話中。但是，我認為，當我們談論我們在測試中看到的內容以及我們在第三季度經歷的內容時，我們並沒有說得太具體。

But I think suffice it to say that the acquisition side was a little stronger than what we saw in our testing in that first quarter of testing, so to speak, compared to what we saw and the Black Card mix was also favorable as we saw in the testing. So -- but the lion's share was really on the acquisition side to allow us to tighten the guide, and that's a component of the revenue improvement for the full year, but the bigger piece was the equipment piece.

但我認為足以說，收購方面比我們在第一季的測試中看到的要強一些，可以這麼說，與我們所看到的相比，黑卡組合也很有利，正如我們在測試。所以，但最大的份額實際上是在收購方面，讓我們能夠收緊指導，這是全年收入改善的一部分，但更大的部分是設備部分。

Okay. And maybe a bigger picture, what you're seeing is obviously great that you're seeing a better uptick in Black Card penetration obviously drives better flow-through for the franchisees. But I think historically, you've talked about that churn on Black Card penetration or Black Card members is higher than White Card.

好的。也許從更大的角度來看，您所看到的顯然是很棒的，您看到黑卡滲透率的更好上升顯然為特許經營商帶來了更好的流量。但我認為從歷史上看，您已經談到黑卡滲透率或黑卡會員的流失率高於白卡。

So I guess when you think about going forward and the model in that low to mid-single-digit uptick you're talking about, like how does the higher churn on Black Card members play into that? And I guess how are you thinking about maybe initiatives to drive better Black Card retention related to that?

因此，我想當您考慮未來以及您所談論的低至中個位數成長的模型時，例如黑卡會員的較高流失率如何影響這一點？我想您如何考慮與此相關的旨在提高黑卡保留率的舉措？

Yes. So I -- in our history, recent history for the last few years that I've been here, the Black Card attrition rate is very in line with our Classic card attrition rate. There's virtually no difference. So -- and I think that speaks to despite the price increases that we've taken, the attrition has remained in line with the Classic card back when the Classic card was $10.

是的。所以我——在我們的歷史中，在我在這裡的最近幾年的歷史中，黑卡的流失率與我們的經典卡的流失率非常一致。幾乎沒有差別。因此，我認為這表明，儘管我們提高了價格，但當經典卡價格為 10 美元時，消耗量仍與經典卡保持一致。

And so it's quite a testament to the value that people get with the Black Card. And we've talked about -- you've probably heard us talk about this, Megan, that when we advertise the lion's -- I keep using lion's share, I'll use a different phrase, but the vast majority of our marketing dollars go to support the Classic card price at $10 and now still a heck of a value at $15.

因此，這充分證明了人們透過黑卡獲得的價值。我們已經討論過——你可能聽我們談論過這一點，梅根，當我們為獅子做廣告時——我一直使用獅子的份額，我會使用不同的短語，但我們的絕大多數營銷資金去支援10 美元的經典卡價格，現在仍然是15 美元的超值。

But when people sign up now more online, way more online than we had seen historically, 6 out of 10 or plus are taking the higher-priced Black Card, even though they probably thought they were signing up for used to be $10 and now $15, and they're signing up for $24.99. So it's really encouraging to think that all the amenities and elements of the Black Card creates such a value that it retains its membership very much in line with Classic card.

但是，當人們現在更多地在網上註冊時，比我們以前看到的更多，十分之六的人或更多人會選擇價格更高的黑卡，儘管他們可能認為自己的註冊費用以前是10 美元，現在是15 美元，他們的註冊價格為 24.99 美元。因此，想到黑卡的所有便利設施和元素創造了這樣的價值，使其保留其會員資格，與經典卡非常一致，真是令人鼓舞。

John Heinbockel, Gugenheim Partners.

約翰·海因博克爾，古根漢合夥人。

Colleen, I wanted to start with bridging the brand message, right, between new joins off the couch and experienced people. Maybe talk about that. Were you guys seeing churn rates increase of more serious fitness members, I don't know, maybe going somewhere else?

科琳，我想先在沙發上的新加入者和經驗豐富的人之間架起品牌訊息的橋樑。或許可以談談這個。我不知道，你們是否看到更認真的健身會員的流失率增加，也許會去其他地方？

And then if you're going to get more engagement, right, more visits per person, how do you think about capacity in the clubs particularly in the busiest times?

然後，如果你想要獲得更多的參與度，對吧，每人更多的訪問量，你如何看待俱樂部的容量，特別是在最繁忙的時候？

Yes. So I think I'll talk to the marketing messaging first, and then I'll speak to capacity in the club. I think we -- in our consumer testing that we've been doing over the last several months to help inform the brand messaging, brand promise, we still see a tremendous opportunity to welcome a first-time gym goer, a first-time club goer in our environment of no gymtimidation.

是的。所以我想我會先談談行銷訊息，然後再談談俱樂部的容量。我認為，在過去幾個月我們一直在進行的消費者測試中，我們仍然看到了一個巨大的機會來歡迎第一次去健身房、第一次去俱樂部的人，以幫助傳達品牌訊息和品牌承諾。

At the same time, some of the consumer testing told us that we had an opportunity to shift the mix. So again, it's -- we're still -- we're not endeavoring to be a club for lunks. We are endeavoring to meet the needs of a broad base of members wherever they're at on their fitness journey.

同時，一些消費者測試告訴我們，我們有機會改變組合。再說一遍，我們仍然沒有努力成為笨蛋俱樂部。我們致力於滿足廣大會員的需求，無論他們處於健身之旅的哪個階段。

And we think that the 80% is a bit different today. You can't look at a news feed without reading something about health and well-being, the importance of strength. We know that Gen Zs and Millennials are the largest proportion of our joins and they've grown up seeing their parents go to the gym and have fitness as part of their lifestyle.

我們認為今天的 80% 有點不同。你不可能在看新聞時不閱讀有關健康和福祉以及力量的重要性的內容。我們知道，Z 世代和千禧世代在我們的會員中所佔比例最大，他們是看著父母去健身房長大的，並將健身作為生活方式的一部分。

So the 80% is a bit more educated about fitness and wellness today and we want to make sure that the format in the club and the mix of equipment is enabling us to be attractive to that broader consumer base.

因此，如今 80% 的人對健身和健康的教育程度更高，我們希望確保俱樂部的形式和設備組合能夠使我們能夠吸引更廣泛的消費者群體。

And then as it relates to capacity, I think one of the things we're looking at in our format optimization and one of the things I've experienced even in spending time in our clubs, talking with our club managers, and better understanding how our members are utilizing our clubs is that we build capacity with increasing the complement of strength and with opening up floor space with the shift in -- for instance, in the 30-minute circuit that I spoke to, that's enabling today's member to achieve the workout that they're looking to achieve inside our clubs. So we think we're building capacity with our format optimization.

然後，由於它與容量有關，我認為這是我們在格式優化中考慮的事情之一，也是我在俱樂部中度過的經歷之一，與我們的俱樂部經理交談，並更好地了解如何我們的會員正在利用我們的俱樂部，因為我們透過增加力量補充和開放地板空間來建立​​能力——例如，在我談到的30 分鐘循環中，這使今天的會員能夠實現他們希望在我們的俱樂部內實現的鍛煉。因此，我們認為我們正在透過格式優化來建立能力。

Yes. And I might just add to that, John. Today, we have -- pre-COVID, we had over 7,000 members per club. And on a -- in any given 30-day period, about 50% of the members use the club and those that did came in about five times or so. Now we have 40% of the folks who use it in a 30-day period. They come in a little more often, six times, six-plus times.

是的。我想補充一點，約翰。今天，在新冠疫情爆發之前，每個俱樂部擁有 7,000 多名會員。在任何特定的 30 天時間內，大約 50% 的會員使用該俱樂部，而使用該俱樂部的會員大約有五次左右。現在我們有 40% 的人在 30 天內使用過它。他們來的次數多一點，六次，六次以上。

But as you know, you know we have a quite a few clubs across the country, including some of our corporate clubs that have well over 10,000 members in them. So they're still -- and once it gets to about 12,000, some franchisee or a corporate club needs to build another club to alleviate the capacity issue.

但如您所知，我們在全國各地有不少俱樂部，其中包括一些擁有超過 10,000 名會員的企業俱樂部。所以他們仍然 - 一旦達到大約 12,000 人，一些特許經營商或企業俱樂部需要建立另一個俱樂部來緩解容量問題。

So there's still, on average, a lot of room even during the peak periods of the early part of the week and particularly in Q1, where there's -- for the most part, capacity is not a macro issue across our system.

因此，平均而言，即使在本周初的高峰期，特別是在第一季度，仍然有很大的空間，在很大程度上，容量並不是我們系統中的宏觀問題。

And I think there was a study done, and it was really around High School Summer Pass, but it was peak utilization month is March and even in the peak utilization month of March, most clubs don't approach 75% of available capacity. So generally, we see we've got headroom on capacity.

我認為已經完成了一項研究，它確實是圍繞高中夏季通行證進行的，但高峰使用月份是 3 月，即使在 3 月份的高峰使用月份，大多數俱樂部也沒有達到可用容量的 75%。所以總的來說，我們看到我們的容量還有空間。

Perfect. Thanks, John.

完美的。謝謝，約翰。

And then a quick follow-up was the Black Card pricing test, right? I think it's still in test mode. Like is it fair to say you want to keep it there until the Black Card -- the White Card increase has worked its way through the system or now?

然後快速跟進的是黑卡定價測試，對嗎？我認為它仍處於測試模式。公平地說，您想將其保留在那裡，直到黑卡——白卡的增加已經通過系統發揮作用，還是現在？

Yes, John. What we've told the franchisees in that test is we'd like to run that based on where we sit today. We'd like to run that through Q1 to see how it plays out in the important period of membership growth with the Classic card price now at $15. So I think, as you know, with our test, they run longer, and it is important to factor in -- or to let it run through Q1 often. So that's what we're doing.

是的，約翰。我們在測試中告訴加盟商的是，我們希望根據我們今天的情況來進行測試。我們希望在第一季進行測試，看看它在會員成長的重要時期表現如何，目前經典卡的價格為 15 美元。所以我認為，正如你所知，透過我們的測試，它們運行的時間更長，重要的是要考慮到——或者讓它經常貫穿第一季。這就是我們正在做的事情。

Joe Altobello, Raymond James.

喬·阿爾托貝洛，雷蒙德·詹姆斯。

Some of them might have been asked and answered, but I did want to ask about the economic model for franchisees. Are you guys contemplating any additional changes to that? I think, Colleen, you mentioned that you're looking for other ways to reduce club build costs, and I wasn't sure how impactful those might be?

其中一些問題可能已經被問到並得到了回答，但我確實想問一下加盟商的經濟模式。你們是否正在考慮對此進行任何其他更改？我想，科琳，你提到你正在尋找其他方法來降低俱樂部建設成本，我不確定這些方法會有多大影響？

Yes. I'll touch on and Tom can build on it. We've made a couple of changes. One, of course, is the Classic card price increase. However, with the new growth model, we anticipated reducing build cost by about 10%. The shift in mix from cardio to strength, the reduction of about 30% of the cardio equipment, the longer reequip life cycle for both equipment, both strength and cardio equipment and the fact that the life cycle is longer on strength.

是的。我會談到，湯姆可以在此基礎上繼續發展。我們做了一些改變。其中之一當然是經典卡價格上漲。然而，透過新的成長模式，我們預計建置成本將降低約 10%。組合從有氧運動轉向力量，有氧運動設備減少約 30%，力量和有氧運動設備的重新裝備生命週期更長，力量的生命週期更長。

All of those are accretive to the unit economics. At the same time, we're continuing to look at ways we can reduce the front-end cost, the build cost of the club without any denigration in member experience. So we're continuing to look at front desk format, for example, we've got a smaller front desk format now that most of our joins are online, we don't need a big front desk to accommodate people signing up at the front desk.

所有這些都會增加單位經濟效益。同時，我們正在繼續尋找方法來降低前端成本和俱樂部的建造成本，同時又不影響會員體驗。所以我們會繼續研究前台的形式，例如，我們有一個較小的前台形式，因為我們大多數加入都是在線的，我們不需要一個大的前台來容納在前台註冊的人桌子。

More than 80% of our joins are online today. So that reduces cost, but it is no denigration to the member experience. That's about one example. So continuing to look at build-out costs to find ways to enhance the economics for our franchisees.

如今，我們 80% 以上的會員都是在線上加入的。這樣可以降低成本，但這並不貶低會員體驗。這就是一個例子。因此，我們將繼續關注擴大成本，尋找提高特許經營商經濟效益的方法。

And Joe, I think the other testament to the model is we still have transactions in our system where people are coming in from the outside to invest in franchisees because the returns are attractive. So attractive.

喬，我認為該模式的另一個證明是我們的系統中仍然有交易，人們從外部進來投資特許經營商，因為回報很有吸引力。太有吸引力了。

Absolutely. Just a follow up on that, you mentioned the October sale. Could you give us a little bit of insight into how that went versus expectations and maybe versus other sales you've done around this time of year given the higher Classic card?

絕對地。作為後續行動，您提到了十月的促銷活動。您能否向我們介紹一下這一情況與預期的比較，以及您在每年這個時候進行的其他銷售（考慮到更高的經典卡）的情況？

Yes, I'll take that, Joe. It's because it is in the quarter -- we typically don't go into a lot of detail on our sales. But given it's in the quarter, we're just keeping our comments confined to Q3.

是的，我會接受的，喬。這是因為現在是季度——我們通常不會詳細介紹我們的銷售情況。但鑑於現在是本季度，我們的評論僅限於第三季度。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科，TD·考恩。

Congrats on the nice quarter. And Tom, you're always welcome at ICR, if you want to come join us in January.

恭喜這個美好的季度。Tom，如果您想在一月加入我們，ICR 隨時歡迎您。

All right. Thank you, Max.

好的。謝謝你，麥克斯。

All right, Tom, so can't let you go without one last modeling question. But when you talk about the low to mid-single-digit lift from the Classic card price increase, just how should we think about that mix in terms of the split between price and members? And just how conservative do you think that outlook is for now? And then separately, can you just remind us what the new gym waterfall looks like as well?

好吧，湯姆，所以如果沒有最後一個建模問題，就不能讓你離開。但是，當您談論經典卡價格上漲帶來的中低個位數提升時，我們應該如何考慮價格和會員之間的差異？您認為目前的前景有多保守？另外，您能提醒我們新的健身房瀑布是什麼樣子嗎？

Yes. So Max, the -- based on the testing we ran, we called the ball low to mid-single digits. And some of that does -- is impacted by the actual mix of the existing club in terms of Classic card and Black Card. If you're coming from a higher place in Black Card mix, it's going to be different than if you have a relatively low mix in Black Card. So it does vary there.

是的。所以馬克斯——根據我們進行的測試，我們稱這個球為低至中個位數。其中一些確實受到現有俱樂部在經典卡和黑卡方面的實際組合的影響。如果您來自 Black Card 組合的較高位置，那麼情況將會與您的 Black Card 組合相對較低時有所不同。所以那裡確實有所不同。

And I think the ramps that we see in our new clubs is, as we've said, through the years of COVID, it has continued to improve as COVID is further in the -- or the worst of COVID is in the rearview mirror. So we're back in that -- the first year of comps. It's in the 40%-plus range.

我認為，正如我們所說，在新冠肺炎疫情的這些年裡，我們在新俱樂部看到的坡道一直在持續改善，因為新冠肺炎疫情進一步惡化——或者說，新冠疫情最糟糕的情況已經成為過去。所以我們又回到了比賽的第一年。它在 40% 以上的範圍內。

And then -- so we put it in the comp base after 12 months. Then after that, it's in low to mid-teens and then it's mid-single digits and then low to mid-single digits after that. So very similar to what we had seen before, not quite all the way back to where it was but pretty darn close.

然後 - 所以我們在 12 個月後將其放入比較庫中。然後，之後是低到中個位數，然後是中個位數，然後是低到中個位數。與我們之前看到的非常相似，雖然沒有完全回到原來的狀態，但非常接近了。

Got it. That's helpful. And then just quickly, how are you guys thinking about the mix between corporate and franchise gyms? Is 10% still the right mix that we should think about? Or is there a preference to gravitate lower or potentially higher?

知道了。這很有幫助。然後很快，你們如何考慮企業健身房和特許經營健身房之間的混合？10% 仍然是我們應該考慮的正確組合嗎？或是否存在傾向於較低或可能較高的傾向？

Yes. I think our thinking on that, Max, hasn't changed. We like the 10%, and you've probably heard us say based on our development and franchisee development, if that one gets ahead of the other in any given year, and it's 9% or 11% or we do a small tuck-in acquisition or get rid of a few clubs here or there. Yes, that may move, but 10% plus or minus is still the sweet spot for how we see it.

是的。麥克斯，我認為我們對此的想法沒有改變。我們喜歡10%，你可能聽我們說過，根據我們的發展和特許經營商的發展，如果其中一個在任何一年中領先於另一個，那麼它是9% 或11%，或者我們會做一點小小的折騰收購或擺脫一些俱樂部。是的，這可能會發生變化，但 10% 的正負仍然是我們認為的最佳點。

Got it.

知道了。

And I appreciate the invite to ICR and I would like an OZ bag if I could get one.

我很感謝 ICR 的邀請，如果可以的話我想要一個 OZ 包。

Randy Konik, Jefferies.

蘭迪·科尼克，傑弗里斯。

I got on the call late here, so I apologize we had a lot of earnings this morning. Have you guys contemplated a thought about any type of taking the White Card price to $15 across the board, like a Netflix does. Have you thought about that at all?

我很晚才接到電話，所以很抱歉我們今天早上有很多收入。你們有沒有考慮過像 Netflix 那樣將白卡價格全面提高到 15 美元。你有沒有想過這個問題？

And I mean, you did have a little bit of a membership reduction, but it's not all that much. And I just wanted to get your thoughts on that pricing policy. Have you contemplated that?

我的意思是，你們確實減少了一點會員人數，但並沒有那麼多。我只是想了解您對定價政策的看法。你有考慮過嗎？

Yes, Randy, I'll start that. And we've always thought that, that's an important element for us. If somebody has decided to -- and we get it's different, and we think that's a positive. And we think if somebody joins us and has been with us for a few years.

是的，蘭迪，我要開始了。我們一直認為，這對我們來說是一個重要因素。如果有人決定——我們會發現情況有所不同，我們認為這是積極的。我們認為如果有人加入我們並且已經和我們在一起幾年了。

And in the case of the Classic card is paying $10. And we still had people with the Black Card who were paying $19.99. We think that we want them to remain as members, and therefore, we don't want to take their price up. We're in the volume game, not the rate game when it comes to growth. That's how we think about same club sales and the sustainability of that over time.

如果是經典卡，則需支付 10 美元。我們仍然有持有黑卡的人支付 19.99 美元。我們認為我們希望他們繼續作為會員，因此我們不想提高他們的價格。在成長方面，我們參與的是數量遊戲，而不是速率遊戲。這就是我們對同一俱樂部銷售及其隨著時間的推移的可持續性的思考。

So it doesn't mean -- and some of our agreements do have the flexibility more recently to take the price up on members, but we have yet to do that because we think our past practice is more important to have that lifelong. And I think that's another element where we can get more credit for the value that we provide. But it is something that we think has been an important component for our growth over the last 20 years.

所以這並不意味著——我們的一些協議最近確實有靈活性來提高會員的價格，但我們還沒有這樣做，因為我們認為我們過去的做法對於終身保持這一點更為重要。我認為這是我們可以為我們提供的價值獲得更多信任的另一個因素。但我們認為這是我們過去 20 年成長的重要組成部分。

Got it. And I guess just the last follow-up here is just extending again upon international aspirations. I think you spoke about Mexico, Spain, Australia why those markets -- of those markets, is there one or two that would be more pressing than the others to expand more quickly?

知道了。我想這裡的最後一個後續行動只是再次延伸了國際願望。我想你談到了墨西哥、西班牙、澳大利亞，為什麼這些市場——在這些市場中，是否有一兩個比其他市場更迫切需要更快地擴張？

Just how do we think about the global story here beyond what's already been built out in Canada and et cetera? Like what can be more -- what could be like the third biggest country in your opinion, fourth biggest country in the next few years as you look at it?

除了加拿大等地已經建立的故事之外，我們如何看待這裡的全球故事？比如說，在您看來，未來幾年內第三大國和第四大國會是什麼樣子？

Yes. I'll start that, Randy. So I think you've probably heard us say, we feel good about how the model translates. It's done well in Canada. The membership levels when we open a new club in Mexico are orders of magnitude greater than they are in the US.

是的。我要開始了，蘭迪。所以我想你可能聽過我們說，我們對模型的翻譯方式感覺很好。這在加拿大做得很好。我們在墨西哥開設新俱樂部時的會員水準比美國高出幾個數量級。

So it's -- we think the reason why it resonates is because it's a simple model. It's an incredible value. And a lot of people in these countries don't have access because either the locations -- there's not enough locations or more importantly, the price is just too high.

所以我們認為它引起共鳴的原因是因為它是一個簡單的模型。這是一個令人難以置信的價值。這些國家的許多人無法訪問，因為要么是地點——沒有足夠的地點，要么更重要的是，價格太高。

And so what we see -- and we alter the model a little bit based on the country, but very little. And it's not like a brand -- and I've been around other brands, you probably follow them where whether it's food or apparel or something, there's a lot more to tweak to make the new -- the entry into the new country successful because tastes are different, styles are different, fits are different, pallets are different.

所以我們看到的是——我們根據國家/地區稍微改變了模型，但變化很小。它不像一個品牌——我接觸過其他品牌，你可能會關注它們，無論是食品、服裝還是其他東西，還有很多需要調整才能使新品牌成功進入新國家，因為品味不同，風格不同，適合不同，托盤不同。

For us, it's not. You're going to run on a treadmill. That treadmill is the same no matter what time zone you're in or what continent you're on. So it's a model that translates well. And we think, for the most part, brands in those countries serve people who are already in the market.

對我們來說，事實並非如此。你要在跑步機上跑步。無論您位於哪個時區或哪個大陸，跑步機都是相同的。所以這是一個翻譯得很好的模型。我們認為，在很大程度上，這些國家的品牌為已經進入市場的人服務。

They're not really trying to bring people into the market, and we've seen that we have the ability to do that in every country we've entered. So that's what's exciting about it for us. I think we want to measure our pace and progress, but we think countries like Mexico and Canada and Australia and now Spain. They are big countries that can have a meaningful impact to the brand as we build out our footprint over time.

他們並不是真的想把人們帶入市場，我們已經看到我們有能力在我們進入的每個國家做到這一點。這就是令我們興奮的地方。我認為我們想要衡量我們的步伐和進展，但我們認為像墨西哥、加拿大、澳洲和現在的西班牙這樣的國家。隨著我們不斷擴大足跡，這些國家都是大國，可以對品牌產生有意義的影響。

At this time, I would like to turn the call back over to the CEO, Colleen Keating.

此時，我想將電話轉回給執行長科琳·基廷 (Colleen Keating)。

Well, thank you, everyone, for your thoughtful questions and your shared enthusiasm for Planet Fitness. I'm so excited for the opportunity to lead this brand as we enter our next chapter of growth. We're focused on boosting the economic value proposition for all our stakeholders, franchisees, members and ultimately delivering even more value for our shareholders. Thank you for joining us today.

好的，謝謝大家提出的深思熟慮的問題以及你們對 Planet Fitness 的共同熱情。當我們進入下一個成長篇章時，我很高興有機會領導這個品牌。我們致力於提高所有利害關係人、特許經營者、會員的經濟價值主張，並最終為我們的股東創造更多價值。感謝您今天加入我們。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。